BioTrove Withdraws IPO
As of June 30, BioTrove had cash and cash equivalents of $11.2 million and accounts receivable of $1.5 million. The company cited aggregate net proceeds from financing of approximately $64.2 million. As of June 30, Catalyst Health & Technology Partners held a 35% stake in the company. Like Fluidigm earlier this year (see IBO 9/30/08), BioTrove has chosen not to test an already tough market.
Washington, DC 12/18/08—BioTrove has withdrawn its IPO registration due to unfavorable market conditions. The company had planned to raise up to $75 million through the IPO (see IBO 4/15/08). BioTrove’s products include the OpenArray Solution system, which can perform thousands of PCR-based genomic analyses, and the RapidFire automated, sample preparation system for MS. Six-month sales for the firm rose 64% to $4.6 million and net loss increased from $5.4 million to $9.1 million (see IBO 9/30/08). During the period, Sirtris, Genzyme and Bristol-Myers Squibb represented 23%, 17% and 13% of revenues, respectively. Sales of OpenArray increased 14% to $1.2 million, and RapidFire sales rose 95% to $3.4 million.
